UPDATED 14:10 EDT / SEPTEMBER 25 2019

APPS

Amid pressure from activist investors, eBay CEO Devin Wenig steps down

The past few days have not been kind to top tech executives.

On Tuesday, The We Co. Chief Executive Officer Adam Neumann stepped down after reportedly facing pressure to resign from both the board and major investors. Fast forward to this morning, eBay Inc. said CEO Devin Wenig (pictured) is leaving in a development with apparently similar circumstances.

The press release disclosing the news didn’t go into the specifics of Wenig’s departure. However, the executive shared on Twitter that “in the past few weeks it became clear that I was not on the same page as my new Board. Whenever that happens, it’s best for everyone to turn that page over. It has been an incredible privilege to lead one of the world’s great businesses for the past 8 years.”

This year, eBay added two directors to the board in response to pressure from Elliott Management Corp. and Starboard Value LP. The activist investors also pushed the company to begin exploring a sale of certain secondary businesses such as its StubHub ticket marketplace.

The review is currently ongoing. In July, leakers made it known that multiple prospective buyers had approached eBay about acquiring StubHub. Wenig told investors around the same time that “we’re making significant progress and actively reviewing the role and value of StubHub and Classifieds,” meaning eBay Classifieds, the other business the company is considering to offload.

It’s not clear exactly where Wenig’s view came into conflict with that of the board. His departure may have had more to do with eBay’s recent financial performance: The company saw revenues rise a modest 2% last quarter while net income declined on a year-over-year basis, though the earnings still beat analyst expectations.

Long-ime eBay executive Scott Schenkel, who most recently served as chief financial officer, has been appointed as interim CEO in place of Wenig. The company will now kick off a search for a permanent replacement that will see the board consider both internal and external candidates. 

“We are confident that Scott’s experience at eBay positions him well to lead the Company during this time,” eBay Cevin hairman Thomas Tierney said in a statement. “As the Board conducts a search, we will continue to focus on our strategic plan and product initiatives, while also ensuring a great customer experience and a smooth transition. ”

Photo: Internet Association/Flickr

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